Trinity Exploration & Production plc, the independent E&P company focused on Trinidad and Tobago, announces an update on its Jacobin well, which spudded on 15 May 2023, being drilled onshore Trinidad.
Highlights
· The Jacobin well has now completed two of three planned sections and has successfully intersected the Forest and Upper Cruse secondary targets encountering good quality oil-bearing reservoirs. An intermediate logging programme has been completed and initial analysis shows good quality reservoirs and pay zones which have exceeded pre-drill estimates.
· The rig is setting casing and is preparing to drill ahead into the third section, during which it is expected to encounter the primary well targets in the deeper Lower Cruse reservoir formations (TS-6, TS-7 and TS-8), through to prognosed Total Depth ("TD"), which we expect to achieve in approximately two weeks' time.
The drilling schedule has been extended due to the Company's decision to accelerate the changeover to synthetic oil-based mud in the second section (which had been planned for the third section) in response to challenging drilling conditions. Once initiated, this saw a rapid and material improvement in drilling progress. Due to the nature of the turnkey contract, no significant cost impact is anticipated.
The Company expects to provide a further update on progress on the Jacobin well after reaching TD.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"Initial indications confirm that the Jacobin well has, so far, encountered oil in the shallow secondary formations, which is encouraging. We keenly await progress as drilling recommences to the deeper TS-6, TS-7 and TS-8 Lower Cruse formations.
The data provided from Jacobin will help to de-risk further Lower Cruse drilling across the Hummingbird prospects, including the Buenos Ayres block, where we announced the success of our application in the 2022 Onshore and Nearshore Competitive Bid Round earlier this month. In a success case, Jacobin will require further development drilling expected to demonstrate strong payback and cash-on-cash metrics."
